Stocks Off Lows, Trade Mixed; Gold, Oil And Silver Unravel

The major indexes whittled away at their losses after a tough start Monday, but remained sharply lower in mixed trade.

The Nasdaq was down 0.7%, the S&P 500 off 0.6% on the approach to midday. The Dow Jones industrial average narrowed its loss to 0.5%, as Wal-Mart (WMT) and Pfizer (PFE) turned in moderate gains.

Trading turned mixed. Volume slipped into negative territory on the Nasdaq but remained up 22% on the NYSE, compared to action at the same time Friday.

The stock market today launched the week on a surge of weak data. Disappointing manufacturing and GDP numbers out of China sent gold and silver prices to multi-year lows. In the U.S., a sharp drop in confidence among homebuilders, and a dip in New York regional manufacturing activity dampened investor confidence.

Losses were broad, with 96% of the 197 industries tracked by IBD moving lower in morning trade. Gold and metal mining stocks were posting many of the worst losses. Oil producers were also under pressure, as crude futures dropped more than 3% to below $89 a barrel. Natural gas prices were down a fraction.

Company news was mostly positive, however, with Citigroup (C) up on Q1 earnings, Sprint-Nextel (S) spiking on a $25.5 billion buyout offer from Dish Networks (DISH), and Thermo Fisher Scientific (TMO) and Life Technologies (LIFE) bucking higher on a merger deal.

Leading stocks started the week with some hard hits. On the IBD 50 list, U.S Silica Holdings (SLCA) dropped 5% in moderate trade. The move put the provider of sand-based products, primarily to oil and natural gas producers, just below its 10-week line of support. The stock is in the sixth week of a possible cup base.

Sinclair Broadcast Group (SBGI) dipped more than 4%, a well-deserved breather after last week's 35% pole-vault advance. The stock's last entry point was a rebound from 10-week support in late February.

Westlake Chemical (WLK) dumped 5% in very heavy action. The specialty chemicals and plastic products maker dived through its 50-day line of support in moderate trade April 1. It now appears set on a test of its 200-day line, and is trading 19% below its March 21 high.

On the upside, corporate bond trading platform provider Marktaxes Holdings (MKTX) gapped up to a 4% gain in powerful action. The stock is in the ninth week of a possible cup base.

The major indexes whittled away at their losses after a tough start Monday, but remained sharply lower in mixed trade.

The Nasdaq was down 0.7%, the S&P 500 off 0.6% on the approach to midday. The Dow Jones industrial average narrowed its loss to 0.5%, as Wal-Mart (WMT) and Pfizer (PFE) turned in moderate gains.

Trading turned mixed. Volume slipped into negative territory on the Nasdaq but remained up 22% on the NYSE, compared to action at the same time Friday.

The stock market today launched the week on a surge of weak data. Disappointing manufacturing and GDP numbers out of China sent gold and silver prices to multi-year lows. In the U.S., a sharp drop in confidence among homebuilders, and a dip in New York regional manufacturing activity dampened investor confidence.

Losses were broad, with 96% of the 197 industries tracked by IBD moving lower in morning trade. Gold and metal mining stocks were posting many of the worst losses. Oil producers were also under pressure, as crude futures dropped more than 3% to below $89 a barrel. Natural gas prices were down a fraction.

Company news was mostly positive, however, with Citigroup (C) up on Q1 earnings, Sprint-Nextel (S) spiking on a $25.5 billion buyout offer from Dish Networks (DISH), and Thermo Fisher Scientific (TMO) and Life Technologies (LIFE) bucking higher on a merger deal.

Leading stocks started the week with some hard hits. On the IBD 50 list, U.S Silica Holdings (SLCA) dropped 5% in moderate trade. The move put the provider of sand-based products, primarily to oil and natural gas producers, just below its 10-week line of support. The stock is in the sixth week of a possible cup base.

Sinclair Broadcast Group (SBGI) dipped more than 4%, a well-deserved breather after last week's 35% pole-vault advance. The stock's last entry point was a rebound from 10-week support in late February.

Westlake Chemical (WLK) dumped 5% in very heavy action. The specialty chemicals and plastic products maker dived through its 50-day line of support in moderate trade April 1. It now appears set on a test of its 200-day line, and is trading 19% below its March 21 high.

On the upside, corporate bond trading platform provider Marktaxes Holdings (MKTX) gapped up to a 4% gain in powerful action. The stock is in the ninth week of a possible cup base.

See Also

Citigroup (NYSE:C) agreed to sell its OneMain Financial unit to Springleaf Holdings for $4.25 billion, a major step in the New York-based bank's effort to slim down in the wake of the financial crisis. OneMain provides personal loans for consumers who need to pay unexpected bills or buy big-ticket ...

Some of the nation's big-bank executives could be feeling anxious this week about the release of the Federal Reserve's stress tests, scheduled for Thursday afternoon. Perhaps most under the microscope is Citigroup (NYSE:C), which failed last year's Comprehensive Capital Analysis and Review, an ...

8 The discount retailer said Citigroup (NYSE:C) will be the exclusive issuer of Costco (NASDAQ:COST)-brand credit cards and Visa (NYSE:V)will provide the network by April '16. The deal comes after renewal talks between Costco and American Express (NYSE:AXP) failed. AmEx had said '16 EPS will take a ...

The smartphone maker rolled out a slew of announcements Sun. and Mon., including a new cloud-based BES12 cross-platform EMM and an Experience Suite that focuses on productivity and security, as well as communication and collaboration features. BlackBerry (NASDAQ:BBRY) will also partner with Sprint ...

BlackBerry (NASDAQ:BBRY) shares are on an uptick as the lagging smartphone maker targets non-BlackBerry users with new partnerships and expanded cross-platform services. In recent years, BlackBerry has broadened its signature BBM service to iOS, Android and Windows Phone users. But a slew of new ...

03/02/2015 02:23 PM ET

More Stock Market Today Articles:

Stocks took a breather Tuesday after hitting record or multiyear highs in the prior session. After the close, Smith & Wesson (NASDAQ:SWHC) and Veeva Systems (NYSE:VEEV) were active after releasing their quarterly results. Gun maker Smith & Wesson posted earnings of 20 cents a share on sales ...

Major averages ended with modest losses Tuesday, one day after the Nasdaq topped the 5000 level. The Nasdaq lost 0.6% while the S&P 500 and Dow Jones industrial average shed 0.5% each. Preliminary data showed Nasdaq volume coming in higher than Monday's level. NYSE volume fell slightly. In the ...

Stocks were down with an hour left Tuesday, as the S&P 500 and the Dow Jones industrial average came off record highs and the Nasdaq slid from a 15-year peak. The Nasdaq fell 0.7%, while the S&P 500 and the Dow each lost 0.5%. Volume was mixed in the stock market today. Trade was up 5% on ...

Stocks came off session lows Tuesday afternoon as the S&P 500 and the Dow Jones industrial average pulled back from record highs and the Nasdaq slid from a 15-year peak. The Nasdaq fell 0.7%, the S&P 500 was off 0.6% and the Dow lost 0.5%. Volume was mixed, up 5% on the Nasdaq and down 4% ...

Stocks were lower at midday Tuesday amid mixed earnings reports and weak February auto sales. The Nasdaq was down 0.9%; the S&P 500 and Dow Jones industrial average each shed 0.8%. Volume was running flat on the Nasdaq and down 7% on the NYSE compared with same time Monday. Auto sales for ...

Select market data is provided by Interactive Data Corp. Real Time Services. Price and Volume data is delayed 20 minutes unless otherwise noted, is believed accurate but is not warranted or guaranteed by Interactive Data Corp. Real Time Services and is subject to Interactive Data Corp. Real Time Services terms. All times are Eastern United States. *Reflects real-time index prices.